Refer to the given information. If the natural rate of unemployment in Scoob is 5 percent, then:
Answer the question on the basis of the following information about the hypothetical economy of Scoob. All figures are in millions.
A. structural unemployment is about 3 percent.
B. frictional unemployment is about 2 percent.
C. cyclical unemployment is about 2 percent.
D. hidden unemployment is about 5 percent.
C. cyclical unemployment is about 2 percent.
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What will be an ideal response?
The sum of consumption (C), investment (I), government spending (G), and net exports (X-M) is called:
a. autonomous spending. b. aggregate expenditures. c. Keynesian income d. wealth.
In an open economy, an increase in (G ? T) will
a. decrease (X ? IM). b. increase (X ? IM). c. leave (X ? IM) unchanged. d. have an unpredictable effect on (X ? IM).
Figure 10.1 depicts a firm's marginal revenue product curve. If the product price decreases, the marginal revenue product curve:
A. shifts downward. B. shifts upward. C. remains the same. D. None of these